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IMF lowers its 7.4% economic growth prediction for India by 80 basis points.

Safalta Expert Published by: Aryan Rana Updated Wed, 27 Jul 2022 11:27 PM IST

Highlights

India's economic growth forecast for 2022–23 has been revised down by the International Monetary Fund (IMF) India will still be among the world's fastest-growing economies in 2022–2023 and 2023–2024. Only Saudi Arabia is anticipated to develop faster than India in 2022.

India's GDP prediction for 2022–23 (FY23) was reduced by the International Monetary Fund (IMF) by 80 basis points to 7.4% from 8.2% due to less favourable external conditions and the central bank's quickening of its monetary policy. India will still be among the world's major economies with the fastest growth rates in 2022–2023 and 2023–2024, despite the growth outlook being revised downward. Only Saudi Arabia is anticipated to develop faster than India in 2022, at a rate of 7.6 per cent. However, it is anticipated that the Kingdom's growth will decelerate the following year to 3.7%. If you are preparing for competitive exams and looking for expert guidance, you can download our General Knowledge Free Ebook Download Now.

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Indian Situation:

India's GDP slowdown is mostly a reflection of the global recession, which has an impact on the country's exports. The tightening of monetary policy is also making it less appealing for investors to participate in the economy, which adds to the current economic deficit.

The Global Outlook

  • China's growth, in contrast, is anticipated to decline from the earlier IMF estimate of 4.4 per cent to 3.3 per cent in 2022.
  • Other emerging markets and developing economies, such as South Africa, Brazil, and Russia, saw an increase in their economic estimates due to a better outlook.

    Source: Safalta.com

    The IMF also lowered its forecast for world growth and issued a warning that a worldwide recession might be on the horizon soon.
  • Rather than the 3.6 per cent anticipated by the fund in April, the global economic expansion would likely fall to 3.2 per cent this year.
  • The fund claimed that a number of shocks, including increased inflation, tighter monetary policy, a worsening slowdown in the world's major markets, and negative spillovers from the Russia-Ukraine war, had affected the global economy, which was already weakened by the pandemic.
 

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